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Post by bengilbert on Oct 26, 2016 9:49:44 GMT
Although we were ready for this larger drawdown to be drawn this Friday (28 October), it is going to be put back, very likely to 11 November. This is through no fault of the borrower. The drawdown is due to be paid into an escrow account on request of the building's freeholders (E*** L******* M***** C*****), in order to ensure funds are available to progress the works to a satisfactory standard. We were however told yesterday that the freeholders' solicitors were not yet ready to receive the funds. They have indicated they will be ready by 11th November, and we've asked them to come back with a firm commitment on this.
Apologies if this causes inconvenience to anyone.
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jonah
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Post by jonah on Oct 26, 2016 19:32:49 GMT
Did I read that right... lawyers not wanting to get money... surely some mistake  |
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archie
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Post by archie on Nov 13, 2016 16:06:44 GMT
Has anyone an opinion on why half of this is still available after 48 hours? My normal experience is logging on to see 0 availability. Just a bit surprised seeing there is a dearth of opportunity on SS. It's a large amount for this platform, 2.7 times larger than 4th drawdown. I note any unsold will be bought back on 25th November.
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Post by GSV3MIaC on Nov 13, 2016 17:12:39 GMT
And the %age rate is not that staggering (but better than the other open offer, which is capped at £100 to boot*), and a lot of folks have a lot of this already.
* I think Ed erred on the conservative side on that one .. at 10% I doubt it'll sell out too fast.
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tomtom
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Post by tomtom on Nov 13, 2016 18:59:58 GMT
Has anyone an opinion on why half of this is still available after 48 hours? My normal experience is logging on to see 0 availability. Just a bit surprised seeing there is a dearth of opportunity on SS. It's a large amount for this platform, 2.7 times larger than 4th drawdown. I note any unsold will be bought back on 25th November. As matter of intrest where did you see that any unsold will be brought back and I assume that this means it will would then be available to sell on the SM ?
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Post by bengilbert on Nov 13, 2016 19:12:04 GMT
It's near the bottom of the loan details - 'To aid liquidity, should any part of the loan remain unsold by 25 November 2016, Broadoak will purchase all remaining loan parts.'
If we buy up any remaining part of the loan, we would likely look to make it available on the secondary market, although we might place it with our other investors. We would try do so in such a way as to maintain liquidity for other MT investors - releasing loan parts only when there was little or none for sale from platform investors.
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tomtom
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Post by tomtom on Nov 13, 2016 19:22:58 GMT
It's near the bottom of the loan details - 'To aid liquidity, should any part of the loan remain unsold by 25 November 2016, Broadoak will purchase all remaining loan parts.' If we buy up any remaining part of the loan, we would likely look to make it available on the secondary market, although we might place it with our other investors. We would try do so in such a way as to maintain liquidity for other MT investors - releasing loan parts only when there was little or none for sale from platform investors. Thank you replying.
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investibod
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Post by investibod on Nov 13, 2016 21:10:44 GMT
If we buy up any remaining part of the loan, we would likely look to make it available on the secondary market, although we might place it with our other investors. We would try do so in such a way as to maintain liquidity for other MT investors - releasing loan parts only when there was little or none for sale from platform investors. It is things like this that help persuade me invest more than my usual limits in Broadoak loans
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littonowl
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Post by littonowl on Nov 13, 2016 21:45:00 GMT
If we buy up any remaining part of the loan, we would likely look to make it available on the secondary market, although we might place it with our other investors. We would try do so in such a way as to maintain liquidity for other MT investors - releasing loan parts only when there was little or none for sale from platform investors. It is things like this that help persuade me invest more than my usual limits in Broadoak loans Agreed.
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